Express Pharma

Syngene International Initial Public Offering oversubscribed 31 times

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The IPO is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene

Syngene International’s (Syngene) Initial Public Offering (IPO) has been oversubscribed 31 times based on the electronic bid file available on the websites of Stock Exchanges. The Qualified Institutional Bidders (QIBs) subscription stood at 51.47 times while the non-institutional investor subscription was at 90.24 times. The retail subscription was 4.77 times.

The issue opened for subscription on July 27 and closed on July 29, 2015. The IPO is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene.

Commenting on the successful subscription to the IPO, Kiran Mazumdar Shaw, Chairperson Biocon, said, “We are indeed overwhelmed with the response to the IPO, and I would like to thank the public for reposing their confidence in the differentiated story of Syngene. Am confident that together we will deliver value for all stakeholders in the times to come. This value unlocking will also augur well for Biocon’s stakeholders.”

Peter Bains, Chief Executive Officer, Syngene said, “We are pleased with the favourable response of investors to Syngene’s IPO. We believe this reflects strong confidence in Syngene’s differentiated strategy, capabilities to support its growing customer base and its future growth prospects.”

The price band for the offer was fixed between Rs 240 and Rs 250 per equity share of Rs 10 each. The Anchor Investor bid period was on July 24, 2015 and the company allocated 60 lakh equity shares to Anchor Investors at a price of Rs 250 per equity share.

The equity shares being offered are proposed to be listed on the BSE and the National Stock Exchange of India after completing the requisite listing formalities.

EP News BureauMumbai

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